Compliance burden pushing captives to consider outsourcing but concerns remain

Compliance burden pushing captives to consider outsourcing but concerns remain

Compliance burden pushing captives to consider outsourcing but concerns remain

The burden of disproportionate regulation is making it harder to run a captive without the help of an external captive manager. But ongoing consolidation among brokers and a shortage of new talent have led to concern as to whether there is enough capacity, competence and variety in the captive manager market to meet the rising demand. These issues were raised…

Report highlights EU-China relationship in insurance sector

Report highlights EU-China relationship in insurance sector

Report highlights EU-China relationship in insurance sector

The EU and China have consistently strengthened their relationship across the financial services sector since the 2008-2009 financial crisis, despite an increasingly challenging diplomatic backdrop between these two economic superpowers, according to a joint study conducted by Luxembourg for Finance and PwC Luxembourg. As far as insurance is concerned, the report, Beyond the challenges: the strength of Sino-European ties, notes…

Covid-19 pushes Europe to triple disaster-response budget

Covid-19 pushes Europe to triple disaster-response budget

Covid-19 pushes Europe to triple disaster-response budget

The EU has put in place new funding to strengthen the bloc’s response to natural and manmade disasters, including pandemics, under the existing civil protection mechanism. The European Council said the Covid-19 pandemic had tested the scheme to its limit and said “we need to go further”. Under the new rules adopted by the European Council, funding for the mechanism…

Never been a better time to consider captives say risk managers

Never been a better time to consider captives say risk managers

Never been a better time to consider captives say risk managers

The hardening insurance market and a reduction in coverage as a result of Covid 19 are leading more companies to consider self-insurance. And with a greater range of options available to companies, from reinsurance captives to direct captives to protected cell companies, there has never been a better time to consider a captive. This was the view of two leading…

Time to take cyber risk seriously at the highest level

Time to take cyber risk seriously at the highest level

Time to take cyber risk seriously at the highest level

The first test of the security levels of networks, information systems and IT services within some 100 organisations in critical parts of the Italian economy will be rolled out in mid-June. This forms part of the National Cyber Security Perimeter initiative, which was defined in Decree No. 105, 2019. It forms part of a wider Italian and EU effort to bolster…

Eiopa chooses 44 insurers for Covid-19 stress test

Eiopa chooses 44 insurers for Covid-19 stress test

Eiopa chooses 44 insurers for Covid-19 stress test

Regulators will stress test Europe’s insurers and reinsurers to measure the impact of a prolonged Covid-19 scenario and a lower-for-longer interest rate environment on their capital and liquidity. The European Insurance and Occupational Pensions Authority (Eiopa) said the exercise, to be carried out by 44 selected insurers, will “shed light on the resilience of the European insurance sector”, with the…

Travel risk centre stage as Anra helps develop new ISO standard

Travel risk centre stage as Anra helps develop new ISO standard

Travel risk centre stage as Anra helps develop new ISO standard

The Covid-19 outbreak has brought into the limelight the issue of business travel risks, a subject that was previously under the radar of Italian enterprises. The country’s economy is strongly export-oriented and this demands frequent foreign trips and stays by employees, both with commercial and technical functions. Despite this, the risks arising from business travel have not really been taken…

Italian research shows how Covid-19 has impacted the CRO role

Italian research shows how Covid-19 has impacted the CRO role

Italian research shows how Covid-19 has impacted the CRO role

How is the chief risk officer (CRO) profession evolving to face the challenges generated by the pandemic? And what is CROs’ perception of the main risks today? These are some of the questions that the new edition of consulting firm Deloitte’s CRO Programme has tried to answer. The study was born two years ago, in collaboration with the Italian risk…

Ferma concerned corporate buyers are missing from Eiopa’s plans to boost insurance data sharing

Ferma concerned corporate buyers are missing from Eiopa’s plans to boost insurance data sharing

Ferma concerned corporate buyers are missing from Eiopa’s plans to boost insurance data sharing

Ferma has welcomed Eiopa’s consultation on opening up the insurance market to ensure greater sharing of insurance data, but is disappointed there is no reference to corporate buyers in the regulator’s position paper on the subject and has urged further investigation into removing regulatory barriers to sharing claims information. Ferma has submitted its response to Eiopa’s position paper, Open insurance:…

Europe’s insurers call for EU’s VAT directive to be reformed

Europe’s insurers call for EU’s VAT directive to be reformed

Europe’s insurers call for EU’s VAT directive to be reformed

Insurance Europe is asking for the EU’s VAT directive to be reformed, calling it outdated and not correctly applicable to modern financial services. This puts the sector at a disadvantage compared to other sectors and it should be reformed to reduce hidden VAT and to increase the possibilities for VAT to be reclaimed by financial companies in general, and insurers…

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